[Amanda]

Hey yall so I got myself in some credit card trouble. We moved a year ago and we needed them.

Than thought we pay them off tax time well that didn’t happen.

So I have like 4k in debt.

Would it be smart get loan pay them off and not use them and just pay on a loan??

I am so lost.

[Mary]

You can’t borrow yourself out of debt. You can sell things, get a side gig, get serious about your budget and pay off that debt and remember the lesson.

[LisaAnn]

Personally I would roll it into a card with an introductory zero interest card and pay it off before the intro period, and stop using your cards

[Molly]

Simple answer: Don’t go into debt to pay off debt.
Longer answer: This is the “borrow from Peter to pay Paul” scenario.

Usually it doesn’t work out as planned, as you’ve already experienced with not using a tax refund to pay it off.

Increase your income with side gigs (mowing lawns, cleaning, babysitting, Uber, etc), selling things around your house, reduce ALL unnecessary expenses (no eating out, no Starbucks, no movies) until you pay off the debt.

In the meantime, don’t use the card at all.

Pay for everything in cash.

[Ann]

I had about $7000 of CC debt and got a loan and paid it off in full before the end of the loan term.

It’s not a bad idea and it was cheaper than paying the ccs themselves over time

[Paula]

What is the interest on the cards vs on a loan? If the loan is 25basis points or more lower and ther is no cost to get the loan, & there is nonearly payoff penalty, get the loan.

Your pmt will be lower and you can put the difference toward principal.

[Arlene]

Pay off asap with every feasible sacrifice. Sell stuff, eat everything in the pantry and make a budget with a plan.

Stick to it.

Interest will keep you in a debt hole.

Don’t get more debt.

[Carol]

Several years ago I paid up $50,000 worth of credit card debt with a consolidation loan.

Most of the cards had a 25 or higher percent interest rate loan had 8%.

I paid it off in four years and was out of that mess.

I paid the loan extra money whenever I could and you absolutely cannot use a charge card.

[Charlene]

$200 /month 20 months. Hopefully you can squeeze out a bit more a month.

[Diane]

Start with the smallest and snowball your way out. Check Dave Ramsey, can find his books at the library.

Thankful it’s only 4K and you’re ready to knock it out!

[Marsha]

Sell everything of value you can part with. Get a second side job and bank it all.

Pay on it but do not take on more debt.

Then, live within your means.

[Author]

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